Instructions: Using Financial Formulas in Excel, answer the following time value of money problems in a single Excel worksheet. You can round to the nearest dollar. You must turn in your answers in an Excel document.

1. Your grandparents offered you some money. You are offered the following options. Assuming an annual interest rate of 4.0%, which option should you choose? Show your work for each alternative
2. 1. Receive $15,000 immediately
   2. Receive $2,200 at the end of each six months for four years. You will receive the first check in six months
   3. Receive $2,500 at the end of each year for three years, and then $10,000 at the end of the fourth year.